Category: Banking

Canara Bank starts “FX 4 U” for forex remittance via Internet Banking

December 17, 2020

• Canara Bank has started FX 4 U that enables its whole internet banking users to handle forex transactions hassle-free.
• FX 4 U is used for forex remittance via internet banking. With this development, eligible customers will be able to undertake a remittance facility in adherence to the FEMA regulations 1999.

India Post Payments Bank starts new digital payment app ‘DakPay’

December 16, 2020

• The India Post Payments Bank (IPPB) along with the Department of Posts (DoP) started a digital payment application called ‘DakPay’ on 15 December 2020, in an attempt to provide Digital Financial inclusion at the last mile across India.

RBI to set up Automated Banknote Processing Centre in Jaipur

December 13, 2020

• The Reserve Bank of India (RBI) has resolved to set up an Automated Banknote Processing Centre (ABPC) in Jaipur for the receipt, storage and dispatch of currency notes.
• The functions of the ABPC will also include processing of banknotes obtained from currency chests (CCs) and bank branches and destruction of soiled banknotes in an automated manner.

RBL Bank, ICICI Prudential ties up for Bancassurance partnership

December 12, 2020

• RBL Bank and ICICI Prudential have tied up under a bancassurance partnership. 398 RBL Bank branches across 28 states will distribute ICICI Prudential Life’s protection and savings products.
• The protection products of ICICI Prudential Life will support the bank’s customers to promote a strong financial plan and its long-term savings products will help the customers of the bank to achieve their financial goals.

BoB starts Atmanirbhar Women Gold Scheme

December 10, 2020

• Bank of Baroda (BoB) has recently started the Atmanirbhar Women Scheme as part of its Baroda Gold Loan.
• This scheme strives to target the self-reliant woman in India. Under the scheme, the bank is offering loans at 0.50 percent concession for women.

ADB allows Rs 2.5 mn in technical assistance for biofuel development in India

December 9, 2020

• The Manila-based multilateral lending agency Asian Development Bank (ADB) has sanctioned a USD 2.5 million (about Rs 18 crore) technical assistance to support advanced biofuel development in India.

RBI cancels license of Maharashtra-based Karad Janata Sahakari Bank

December 9, 2020

• The Reserve Bank of India has canceled the license of Karad Janata Sahakari Bank Ltd in Maharashtra, as it does not have adequate capital and earning prospects.
• As such, it does not comply with the provisions of the Banking Regulation Act, 1949.

Centre starts QRMP scheme for GST payers

December 8, 2020

• The Central Government has started the ‘Quarterly Return filing & Monthly Payment of Taxes (QRMP)’ scheme for small taxpayers under the GST system.
• Taxpayers with an aggregate yearly turnover of up to Rs 5 crore in the preceding financial year and have filed their October GSTR-3B (sales) return by November 30, 2020, are eligible for this scheme.
• The notifications for the same were issued by the Central Board of Indirect Taxes and Customs (CBIC).

ICICI Bank releases iMobile Pay to offer Payments

December 8, 2020

• The private lender ICICI Bank has started a new version of its mobile payment app called iMobile Pay, to offer payment and banking services to customers of any bank.
• The latest version of the app is interoperable and will now support payments and other banking services to even those customers who do not hold an ICICI Bank account.

RTGS system to be open on 24×7 basis from December 14

December 7, 2020

• The Reserve Bank of India has declared that the Real Time Gross Settlement (RTGS) system will be made available 24×7 on all days of the year with effect from 00:30 hours on December 14, 2020.